In 2020, Swifty Inc. issued 1,200 shares of $10 par value common
stock for land worth...
In 2020, Swifty Inc. issued 1,200 shares of $10 par value common
stock for land worth $35,500.
(a) Prepare Swifty’s journal entry to record the
transaction. (Credit account titles are automatically
indented when amount is entered. Do not indent manually. If no
entry is required, select "No entry" for the account titles and
enter 0 for the amounts.)
Account Titles and Explanation
Debit
Credit
select an account title
Cash Common
Stock Land No
Entry Paid-in Capital in Excess of
Par—Common Stock Paid-in Capital in Excess...
Dan Corp. issued 5,000 shares of common stock at a stated value
of $10 per share,...
Dan Corp. issued 5,000 shares of common stock at a stated value
of $10 per share, where stock was sold for $15 per share. The
journal entry to record this transaction would include: *
Debit to Cash for $75,000
Credit to Common Stock for $150,000
Debit Paid-in Capital in Excess of Par Value for $25,000
Credit to Common Stock for $75,000
Lionworks, Inc. issues ,500 shares of$42 par common
stock for $47 per share. The amount credited...
Lionworks, Inc. issues ,500 shares of$42 par common
stock for $47 per share. The amount credited to paid?in capital in
excess of par? is:
A.
$164,500.
B.
?$0.
C.
$147,000.
D.
$17,500.
Kramer and Associates has the following account balances
listed in alphabetical? order:
Accumulated? Depreciation,
$23,000?;
Accounts? Payable,
$10,500?,
Accounts? Receivable,
$9,000?; Cash,
$2,000?; Equipment,
$44,000?, Land,
$21,000?,
Mortgage? Payable,
$50,000?;
Prepaid? Insurance,
$9,500?; Supplies,
$1,000?;
Unearned? Revenue,
$6,000?;
Wages? payable, $2,000. Kramer
and? Associates'
long?term assets?
are:
A....
On February 12, 2021, Diego Inc. issued 330,000 of its common
shares in exchange for equipment...
On February 12, 2021, Diego Inc. issued 330,000 of its common
shares in exchange for equipment for which the cash price was known
to be $790,000. The articles of incorporation authorized the issue
of 4 million common shares, $1 par per share. The most recent
issuance of common shares prior to the acquisition of the equipment
was back on May, 1, 2020 for a cash price of $3 per share.
What in the following would NOT be included in the...
A corporation sold 13,000 shares of its $10 par value common
stock at a cash price...
A corporation sold 13,000 shares of its $10 par value common
stock at a cash price of $15 per share. The entry to record this
transaction would include:
Multiple Choice
A credit to Paid-in Capital in Excess of Par Value, Common Stock
for $195,000.
A debit to Paid-in Capital in Excess of Par Value, Common Stock
for $65,000.
A credit to Common Stock for $195,000.
A credit to Common Stock for $130,000.
A debit to Cash for $130,000.
Share Issuances for Cash
Minaret, Inc., issued 10,000 shares of $50 par value preferred
stock at...
Share Issuances for Cash
Minaret, Inc., issued 10,000 shares of $50 par value preferred
stock at $68 per share and 12,000 shares of no-par value common
stock at $15 per share. The common stock has no stated value. All
issuances were for cash.
a. Prepare the journal entries to record the share issuances.
b. Prepare the journal entry for the issuance of the common stock
assuming that it had a stated value of $4 per share.
c. Prepare the journal...
On January 1, 2020, Samsung Corporation has 400,000 shares of $3
par value common stock outstanding....
On January 1, 2020, Samsung Corporation has 400,000 shares of $3
par value common stock outstanding. On the same date the
corporation’s board of directors declares a 12% stock dividend to
be issue on March 2, 2020. On the declaration date, the
corporation’s common stock fair market value is $4. On declaration
date, the corporation will record: *
Debit Stock Dividend $144,000
Debit Stock Dividend $192,000
Credit Stock Dividend $144,000
Credit Stock Dividend $192,000
A Company has 30,000 shares of...
Hondo inc, issued 1500 shares of 50$ per value convertible
preferred stock at 80$ a share....
Hondo inc, issued 1500 shares of 50$ per value convertible
preferred stock at 80$ a share. Each preferred share may be
converted to 6 shares of 10$ per common stock. The entry to record
the conversion of all would include a
a.) debit to Preferred stock for $120,000
b.) debit to Additional paid-in Capital on Preferred stock for
$90,000
c.) credit to Common stock for $120,000
d.) credit to Additional paid-in capital on common stock for
$30,000